By Robin Respaut
Wed Jun 11, 2014 – 12:30pm EDT
(Reuters) – For the first time in six months, the state of California’s revenues in May fell short, by $389.1 million, or 5.5 percent, of Governor Jerry Brown’s proposed budget.
The state’s revenues have been growing strongly this year and still exceed the governor’s expectations by $1.8 billion, or 2.1 percent, year-to-date.
“The overall budgetary health remains stable and there is no threat to the state’s ability to pay its bills on time and in full,” state Controller John Chiang said in an announcement on Tuesday. “As lawmakers finalize their spending decisions in the coming days, my office urges fiscal restraint with an eye toward slashing the billions of dollars in debt accrued during the great recession.”
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